Internal Control Is a Plan of Organization and System of Procedures

question 64

Multiple Choice

Internal control is a plan of organization and system of procedures implemented by company ________ and the ________ designed to accomplish five objectives.

• A)internal auditors,employees
• B)external auditors,management
• C)management,board of directors
• D)employees,board of directors

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Definitions:

Same-Store Sales Growth

Refers to the revenue increase from a retailer's existing outlets over a given period, eliminating effects from new store openings.

Sales Per Square Foot

A retail metric that measures the efficiency of a retail space by dividing total sales by the total floor area of retail space.

Retail Life Cycle

The process of growth and decline that retail outlets, like products, experience, consisting of the early growth, accelerated development, maturity, and decline stages.

Retail Outlets

Physical or brick-and-mortar stores where products are sold directly to consumers.